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    1 Reply Latest reply on Nov 13, 2008 6:38 PM by SoCalLawGuy

    NEW NY LLC in Rental Prop Invest Can Obtain Finance ?

    DanielBuf Newbie
      Hi,
      • I am a foreign national. I have setup a LLC and obtain the EIN Number for the LLC.
      • I do not have a SSN, My ITIN application is in process.
      • I am having personal 3 no of US Bank accounts & Credit Card for the past 6 months. The Bank accounts are active & Credit card was not used by me much.
      • I am in the process of opening the bank account for my LLC.
      • I am about to close rental income properties in NY around the value of $400K. Since i do not have a credit histoy, i could not obtain any mortgages or loans as on date.
      • So, I got 50% seller finance and i am investing the rest of 50%.
      • Now, i wish to keep investing on buying some more properties & also need working capital to run the company in the start-up period of 3 months, since almost i have put everything in my pocket, I am expecting some kind of financial advise.
      • Thanks in advance.
      - Daniel
        • Re: NEW NY LLC in Rental Prop Invest Can Obtain Finance ?
          SoCalLawGuy Newbie
          Here is an email i recived from a friends company regarding credit for LLC's. hope this helps.

           

          As a business owner, you want to ensure your business is doing the most for you as it possibly can. Your business entity (be it a Corporation, LLC, LP, etc.) should accomplish at least four things for you:

          Provide asset protection by separating your business activities from you personally,
          Maximize your tax advantages (business owners are walking tax deductions)
          Help you accumulate wealth (that is why you own the business in the first place, right?)
          Provide capital to seize opportunities and propel the business (you can run a business in a loss for a very long time; however, you cannot run a business without cash).

          In today's economy, cash is more important than ever and you may have heard about how your business can provide you with cash as well as additional resources, through business credit. If established properly, business credit will allow you to seize time sensitive opportunities, reduce or eliminate personal credit guarantees, better separate you personally from your business (thus reducing liability), finance vehicles and equipment through the company instead of through you personally, and multiply your borrowing power.

          It takes the average business 3-4 years to obtain business credit, and the opportunities and advantages that come with it. Take time to find out today how you can establish business credit in just 60-90 days for your company!

          Through a special arrangement with MyLLC.com, The Ark, Inc. is offering a free no obligation 15 minute consultation with one of their strategists to see how they can assist you both with business credit as well as offer techniques to save taxes in 2008!